PropNex Q4 profit more than quadruples on surge in commission income

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SINGAPORE (THE BUSINESS TIMES) - Real estate agency PropNex on Thursday (Feb 27) posted a net profit of $8.2 million for its fourth quarter ended Dec 31, more than four times the year-ago net profit of $1.8 million.. Read more at straitstimes.com.

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SINGAPORE - Real estate agency PropNex on Thursday posted a net profit of $8.2 million for its fourth quarter ended Dec 31, more than four times the year-ago net profit of $1.8 million.Revenue for Q4 climbed 57.9 per cent to $131 million, from $83 million in the previous year.

PropNex said this came on the back of an increase in the number of units completed in Q4 last year, after the private residential market recovered during the first three quarters from the impact of the additional cooling measures introduced in July 2018. For the full year ended Dec 31, net profit was up 3.2 per cent to $20 million, while revenue fell 2.7 per cent to $419.8 million.

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